Overview
The Premises comprise a semi detached ‘L’ shaped two storey building within an enclosed Car Park and Yard. The Building is of brick construction under a tiled pitched roof with various amenities including 3 Phase Electricity and WCs’ The accommodation offers a variety of workshops, stores and offices and is part let to a variety of businesses.
Size
Amenities
Location
The property is located within the town of Eastbourne on the South Coast of England. Eastbourne has a residential population of approximately 105,000 (Eastbourne Borough Council website) and is located at the junction of the A22, A27 and A259. The town is approximately 65 miles south of Central London, 24 miles east of Brighton and 18 miles west of Hastings. There are direct trains to London Victoria, Gatwick and Ashford International (Eurostar).
Rent
Business Rates
According to the Valuation Office website the premises is described as:
Factory and premises
Applicants to confirm with Borough Council current Rates
VAT Details
VAT may be chargeable on the terms quoted
Legal
Each party is to be responsible for their own legal fees.
Terms
£810,000 for the freehold subject to the existing Leases. Based on the current approximate net income of £57,375 this produces an investment gross yield of 7.08%. We believe the current estimated rental value net of costs and assumed voids to be £72,300 (£8 per sq ft ) producing a reversion yield of 8.93%.
The Building is let to a variety of SME businesses and also occupied in part by the freeholder. The sale will action the freeholder to vacate the suites they currently occupy. An up to date Tenancy Schedule will be produced during negotiations to purchase with the possibility of the freeholder remaining in the property for up to 12 months subject to agreeing terms.
